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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950137-04-006587.txt : 20040811
<SEC-HEADER>0000950137-04-006587.hdr.sgml : 20040811
<ACCEPTANCE-DATETIME>20040811172021
ACCESSION NUMBER:		0000950137-04-006587
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040811
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20040811

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST FINANCIAL CORP /IN/
		CENTRAL INDEX KEY:			0000714562
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				351546989
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16759
		FILM NUMBER:		04967824

	BUSINESS ADDRESS:	
		STREET 1:		ONE FIRST FINANCIAL PLAZA
		CITY:			TERRE HAUTE
		STATE:			IN
		ZIP:			47807
		BUSINESS PHONE:		(812) 238-6000

	MAIL ADDRESS:	
		STREET 1:		ONE FIRST FINANCIAL PLAZA
		CITY:			TERRE HAUTE
		STATE:			IN
		ZIP:			47807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TERRE HAUTE FIRST CORP
		DATE OF NAME CHANGE:	19850808
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c87551e8vk.txt
<DESCRIPTION>CURRENT REPORT
<TEXT>
<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) August 11, 2004

                           First Financial Corporation
             (Exact name of registrant as specified in its chapter)


            Indiana                    000-16759               35-1546989
 (State or other jurisdiction         (Commission             (IRS Employer
       of incorporation)              File Number)         Identification No.)


       P. O. Box 540 , Terre Haute, Indiana                    47808
     (Address of principal executive offices)                (Zip Code)


Registrant's telephone number, including area code    812-238-6264



ITEM 12.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

         On August 11, 2004, the Registrant issued a press release reporting its
financial results for the quarter ended June 30, 2004. A copy of the press
release is being furnished as an exhibit to this report and is incorporated by
reference into this item 12.

         The foregoing information, including the information contained in the
press release, is being furnished pursuant to this Item 12 and shall not be
deemed to be "filed" for purposes of section 18 of the Securities Exchange Act
of 1934, as amended, or otherwise subject to the liabilities of that Section or
Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition,
this information shall not be deemed to be incorporated by reference into any of
the Registrant's filings with the Securities and Exchange Commission, except as
shall be expressly set forth by specific reference in any such filing.

         The exhibit to this report is as follows:

<PAGE>

         Exhibit No.       Description
         -----------       -----------

             99.1          Press Release, dated August 11, 2004 issued by First
                           Financial Corporation.



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                 FIRST FINANCIAL CORPORATION

Dated   August 11, 2004          (s) Norman L. Lowery
                                 --------------------
                                 Norman L. Lowery
                                 Vice Chairman and Chief Executive Officer

Dated   August 11, 2004          (s) Michael A. Carty
                                 --------------------
                                 Michael A. Carty
                                 Secretary/Treasurer and Chief Financial Officer


                                Exhibit Index

Exhibit Number

     99.1              Press Release, August 11, 2004 issued by First Financial
                       Corporation





</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c87551exv99w1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>
                                                                    NEWS RELEASE

[FIRST FINANCIAL CORPORATION LOGO]

One First Financial Plaza, Terre Haute, IN 47807  o  (812) 238-6000

FOR IMMEDIATE RELEASE                   For more information contact:
August 11, 2004                               Michael A. Carty at (812) 238-6264

                   FIRST FINANCIAL CORPORATION REPORTS RESULTS

TERRE HAUTE, INDIANA - First Financial Corporation (NASDAQ: THFF) today
announced that earnings per share for the second quarter increased 4.4% to $0.47
per share compared to $0.45 for the second quarter of 2003. This represents an
improvement in earnings of 2.5% or $155,000 higher than the same period of 2003.
The year-to-date net income of $17.0 million, or $1.26 per share, is also an
improvement compared to the $13.2 million and $0.97 per share earned through the
second quarter of 2003.

Although the year-to-date net interest income for 2004 declined $1.9 million, or
5.1% compared to the same period of 2003, non-interest expense reduced by
non-interest income was $4.7 million less for 2004 compared to the same period
of 2003. Life insurance proceeds are a major contributor to this reduction;
however, expense control and increases in other non-interest income resulted in
a $600,000 decrease in net non-interest expense for the Corporation.

The net interest margin on average assets declined 25 basis points from 4.02% at
June 30, 2003 to 3.77% at June 30, 2004. The margin continues to compress as
borrowers take advantage of the historical low level of interest rates resulting
from an accommodative Federal Reserve policy. The Corporation has also resisted
extension of the investment portfolio duration which has resulted in lower short
term yields in anticipation of improved future opportunities.

Loans of the Corporation increased $41.6 million or 2.9% over balances at the
end of 2003 while deposits fell 3.9% or $57.0 million. A major component of the
decline in deposits was a $22.2 million decrease in state and local government
deposits. The increase in loans and decrease in deposits were funded by an
increase in other borrowings.

During the quarter ended June 30, 2004, First Financial Corporation declared a
dividend to shareholders of $0.39 per share, an increase of 14.7% over the
dividend of $0.34 declared during the same time period of 2003. This is the 16th
consecutive year the Corporation has increased its annual dividend.

Statements in this press release that relate to future results and events
(including statements about future financial and operating performance) are
based on the Corporation's current expectations. Actual results in future
periods may differ materially from those currently expected or desired because
of a number of risks and uncertainties, including general economic and business
conditions; changes in interest rates; loss of deposits and loan demand to other
financial

<PAGE>

institutions; substantial changes in financial markets; changes in real estate
values and the real estate market; or regulatory changes. Additional discussion
of these and other factors affecting the Corporation's business and prospects is
contained in the Corporation's periodic filings with the Securities and Exchange
Commission.

First Financial Corporation is the holding company for First Financial Bank N.A.
in Indiana and Illinois; First Farmers State Bank, The Morris Plan Company of
Terre Haute and Forrest Sherer, Inc. in Indiana; and First Crawford State Bank,
and First Community Bank N.A. in Illinois.


<PAGE>

                           FIRST FINANCIAL CORPORATION

             FOR THE QUARTER AND THE SIX MONTHS ENDING JUNE 30, 2004

               (Dollar amounts in thousands except per share data)


<TABLE>
<CAPTION>
                                                   06/30/04        06/30/03        CHANGE       % CHANGE
<S>                                              <C>             <C>             <C>            <C>
YEAR TO DATE INFORMATION:

Net Income                                          $17,014         $13,207        $3,807         28.83%
Earnings Per Average Share                            $1.26           $0.97         $0.29         29.90%
Return on Assets                                      1.53%           1.21%         0.32%         26.45%
Return on Equity                                     12.96%          10.65%         2.31%         21.69%
Net Interest Margin                                   3.77%           4.02%        -0.25%         -6.22%
Net Interest Income                                 $35,686         $37,607      ($1,921)         -5.11%
Non-Interest Income                                 $20,898         $15,589        $5,309         34.06%
Non-Interest Expense                                $31,404         $30,798          $606          1.97%
Loss Provision                                       $3,846          $4,530        ($684)        -15.10%
Net Charge Offs                                      $3,270          $4,076        ($806)        -19.77%
Efficiency Ratio                                     56.74%          54.62%         2.12%          3.89%


QUARTER TO DATE INFORMATION:

Net Income                                           $6,329          $6,174          $155          2.51%
Earnings Per Average Share                            $0.47           $0.45         $0.02          4.44%
Return on Assets                                      1.11%           1.13%        -0.02%         -1.77%
Return on Equity                                      9.78%           9.87%        -0.09%         -0.91%
Net Interest Margin                                   3.76%           4.02%        -0.26%         -6.47%
Net Interest Income                                 $17,753         $18,678        ($925)         -4.95%
Non-Interest Income                                  $8,321          $7,510          $811         10.80%
Non Interest Expense                                $15,872         $15,373          $499          3.25%
Loss Provision                                       $1,923          $2,303        ($380)        -16.50%
Net Charge Offs                                      $1,505          $2,414      ($1,067)        -44.20%
Efficiency Ratio                                     57.81%          55.28%         2.52%          4.56%


BALANCE SHEET:

Assets                                           $2,211,921      $2,154,419       $34,931          1.62%
Deposits                                         $1,430,048      $1,464,500     ($57,023)         -3.89%
Loans                                            $1,459,481      $1,417,873       $41,608          2.93%
Shareholders' Equity                               $259,876        $249,964        $9,912          3.97%
Book Value Per Share                                 $19.25          $18.43         $0.82          4.46%
Average Assets                                    2,220,750       2,182,873       $37,877          1.74%
</TABLE>



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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